Silver continues to glitter, hits lifetime high of ₹97,100 per kg

Silver anklets in Salem in Tamil Nadu. File image for representation.
| Photo Credit: E. Lakshmi Narayanan

Silver prices hit a lifetime high levels of ₹97,100 in the local market on Wednesday, while gold prices rose ₹250 in line with strong trends in the overseas markets, according to HDFC Securities.

Continuing its winning run for the third straight session, silver soared ₹1,150 to ₹97,100 per kg. It had closed at ₹95,950 per kg on Tuesday.

In the futures trade, silver also hit a lifetime peak of ₹96,493 per kg on the Multi Commodity Exchange (MCX) on Wednesday.

Meanwhile, the gold prices climbed ₹250 to ₹73,200 per 10 grams in the national capital.

In the previous session, the precious metal prices had settled at ₹72,950 per 10 grams.

“Spot gold prices (24 carats) in the Delhi markets are trading at ₹73,200 per 10 grams, up ₹250 against the previous close,” Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.

In international markets, spot gold at Comex was trading at $2,352 per ounce, up $6 from the previous close.

“Gold prices rose slightly on Wednesday, as safe haven demand following another attack on a ship in the Red Sea added to heightened geopolitical tensions in the Middle East.”

“However, hawkish comments from several U.S. Federal Reserve officials and a jump in U.S. Treasury yields limit the gains in precious metals,” Mr. Gandhi said.

Additionally, silver also traded higher at $32.05 per ounce. In the previous session, it ended at $31.50 per ounce. Spot silver prices have gained 35% this year to date, reaching 12-year highs.

“Gold price faced resistance at $2,355-2,360 level in Comex, and MCX Gold faced selling around ₹72,450.”

“Amid a rise in US dollar and upcoming Personal Consumption Expenditures (PCE) price index data on Friday, which will hint towards inflation projections, thus profit booking was seen in gold after a positive rally from ₹71,250 to 72,450 in last three trading sessions,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.

On the MCX, the most traded July contract of silver gained ₹52 to trade at ₹95,500 per kg. However, gold contracts for June delivery were trading lower by ₹131, or 0.18%, to ₹72,049 per 10 grams on the bourse.